Monthly Archives: May 2014

Hobbies and Taxes

Is your activity a business or a hobby? Hobbies and Taxes, it's important to know because if the IRS views your activity as a hobby rather than as a business, your tax deductions for business-type expenses are subject to certain limitations. Business Versus Hobby To qualify as a business, an activity must be conducted for…
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Tax Issues for Divorcing Individuals

Tax Issues for Divorcing Individuals, when a couple divorces or separates, there are many issues that need to be sorted out. One issue many forget to discuss is taxes. Here is a look at some of the tax issues divorcing couples may encounter. File Jointly or Separately? For tax purposes, a person's marital status is…
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Taking 529 Plan Withdrawals

Taking 529 Plan Withdrawals, to make the most of your Section 529 college savings plan, consider the following. Qualified expenses. Withdrawals from a 529 college savings plan are tax free, provided the withdrawals are not more than the account beneficiary's qualified higher education expenses for the year. Qualified expenses include tuition, fees, books, supplies, and…
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New Rules Under the Affordable Care Act

New Rules Under the Affordable Care Act, the U.S. Treasury Department recently issued final regulations regarding the "shared responsibility" requirements placed on certain employers by the Affordable Care Act (ACA). These final regulations ease some rules and delay the phase-in of others. Covered Employers As of January 1, 2015, employers are required to provide qualifying…
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